Retail And Commercial Leases Act 1995 In South Australia
Any success in lease contracts that you venture to will mostly be dependent on the
terms and conditions you agree in during the initial inquiry and early process in the drafting of the lease agreement. To be clearer, lets just discuss some of the key terms you must look for in a lease agreement.Subleasing There might come a time when you think that you should share the space you are renting with someone else because you think that the space is too big or you cant afford the rent anymore but you dont want to leave the building as well. In these times, your best option is to share it with someone else. Usually, you have to discuss these matters with your landlord first, but you can also have this condition included in the lease agreement. This way, you will have an upper-hand in this matter.
Leasehold improvements This issue is usually common in buildings which are new because there are more improvements that you need to do to make it suite your business. Make sure to clarify with your landlord the premises you are allowed to improve.
Disclosure statements According to the retail and commercial leases act of 1995, a disclosure statement must first be submitted to the leaser before a final signing of agreement should be made. The disclosure statement is a document in which all relevant information, including the problems, are stated to inform the leaser and give him/her a background of the property. This is a must and should therefore be honored by both the leaser and the landlord. Any wrong or inaccurate information in the disclosure statement that constitute to damage in the leasers account can be a ground for legal actions. Once you have signed the document that states that you understand the disclosure statement and its consequences then you will be responsible for problems that comes your way with regards to the property, unless you can prove in the court that the disclosure statement was inaccurate and wrong.
Once all the issues have been covered, you can now proceed with the preparation of the agreement. The agreement documents are the legally binding and the terms and conditions of the contract must be honored by both the leaser and the landlord. The documents should be registered and its contents should follow the established laws and policies of the country or state of its jurisdiction.
Before you sign the documents to finalize the agreement, make sure you have read it and reviewed t carefully. All the prior agreements made regarding the issues that pertain to your lease must appear in the document. Also include clauses on how to resolve disputes with your landlord. Disputes may come anytime in the future and you dont want to be caught off guard. Always make sure that no additional conditions that you have not been made aware of are present in the document. If you are having confusion or have a hard time understanding the document, then ask help from legal advisors. They can help you.
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